SVB Wealth LLC Reduces Stock Holdings in McKesson Corporation $MCK

SVB Wealth LLC lowered its position in shares of McKesson Corporation (NYSE:MCK) by 48.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,871 shares of the company’s stock after selling 1,780 shares during the period. SVB Wealth LLC’s holdings in McKesson were worth $1,371,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. L2 Asset Management LLC grew its stake in shares of McKesson by 4.7% during the second quarter. L2 Asset Management LLC now owns 552 shares of the company’s stock valued at $404,000 after acquiring an additional 25 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of McKesson during the second quarter worth approximately $1,329,000. Bank of Nova Scotia increased its stake in shares of McKesson by 106.2% in the second quarter. Bank of Nova Scotia now owns 27,089 shares of the company’s stock worth $19,850,000 after buying an additional 13,949 shares during the last quarter. Baker Avenue Asset Management LP raised its holdings in McKesson by 15.0% in the second quarter. Baker Avenue Asset Management LP now owns 738 shares of the company’s stock valued at $540,000 after acquiring an additional 96 shares in the last quarter. Finally, Cerity Partners LLC grew its holdings in McKesson by 2.1% during the 2nd quarter. Cerity Partners LLC now owns 57,774 shares of the company’s stock worth $42,336,000 after acquiring an additional 1,168 shares in the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MCK. Citigroup upped their target price on shares of McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Jefferies Financial Group increased their target price on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a report on Monday, October 13th. Morgan Stanley boosted their price target on McKesson from $857.00 to $916.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Evercore ISI reaffirmed an “outperform” rating and issued a $1,000.00 price objective on shares of McKesson in a report on Thursday, November 6th. Finally, TD Cowen upped their target price on McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, McKesson has a consensus rating of “Moderate Buy” and an average price target of $892.86.

McKesson Stock Down 1.4%

Shares of McKesson stock opened at $797.42 on Tuesday. The business has a fifty day simple moving average of $816.15 and a 200-day simple moving average of $745.93. McKesson Corporation has a fifty-two week low of $558.13 and a fifty-two week high of $895.58. The firm has a market cap of $98.43 billion, a price-to-earnings ratio of 24.82, a price-to-earnings-growth ratio of 1.33 and a beta of 0.38.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, beating the consensus estimate of $8.84 by $1.02. The business had revenue of $103.15 billion during the quarter, compared to analyst estimates of $103.80 billion. McKesson had a net margin of 1.04% and a negative return on equity of 248.14%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the business earned $7.07 earnings per share. Analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 1st will be paid a $0.82 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. McKesson’s dividend payout ratio (DPR) is currently 10.21%.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $861.63, for a total transaction of $283,476.27. Following the sale, the chief accounting officer directly owned 328 shares of the company’s stock, valued at $282,614.64. The trade was a 50.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.08% of the company’s stock.

About McKesson

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.